RSM100 - Study Guide - Final Exam p1/3

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Rotman Commerce
Michael Szlachta

RSM100 – Study Guide – Final Exam Business Strategy [8] – L12-13 • Chapter 6 Managing the Business Enterprise o Corporate culture – the shared experiences, values, norms, and ethical stance that characterize an organization o Management – the process of planning, organizing, leading, and controlling an enterprise’s financial, physical, human, and information resources to achieve the organization’s goals of supplying various products and services o Planning – determining the firm’s goals and developing a strategy to achieve them o Hierarchy of Plans Strategic plans – top management; decisions about resource management, company priorities, and the steps needed to meet strategic goals Tactical plans – upper/middle management; shorter-range plans to implement specific aspects of the company’s strategic plans Operational plans – middle/lower management; short-term targets for performance o Organizing – mobilizing the resources required to complete a task o Leading (directing) – interactions between managers and their subordinates as they work towards firm objectives o Controlling – process of monitoring a firm’s performance to make sure that it is meeting its goals o Hierarchy of Managers Top managers – those responsible for a firm’s overall performance and effectiveness, and for developing long-range plans for the company Middle managers – implement decisions made by top managers First-line managers –supervise the work of employees o Areas of Management Human Resource managers – provide assistance to other managers when they are hiring employees, training them, evaluating their performance, and determining their compensation level Operations managers – responsible for the production systems that create goods and services Information managers – responsible for designing and implementing systems that gather, process, and disseminate information Marketing managers – responsible for getting products and services to buyers Financial managers – plan and oversee a firm’s financial resources o Basic Management Skills Technical skills – ability to perform specialized tasks Human relations skills – ability to understand and get along with people Conceptual skills – ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation Time management skills – productive use of time Decision-making skills – ability to define problems and choose the best course(s) of action o The Rational Decision-Making Process Recognize and define the situation Identify alternatives Evaluate alternatives Select the best alternative Implement the chose alternative Evaluate the results o Problem decision – a decision that is necessary when actual results do not conform to those expected o Opportunity decision – taking new initiatives of doing a current activity more effectively even if no problem exists o Organizational politics – the actions people take to get what they want o Escalation of commitment – when a manager maintain commitment to a decision even when it is clear that it was a bad decision o Strategic management – process of aligning the organization with its external environment o Strategic goals – the overall objectives that a business wants to achieve o Purposes of Goal Setting Provides direction, guidance, and motivation for all managers Helps firms allocate resources Helps to define corporate culture Helps managers assess performance o Long-term goals – goals for 5+ years o Intermediate goals – goals for 1-5 years o Short-term goals – goals for < 1 year o SMART goals – Specific, Measurable, Achievable, Relevant, and Time-framed goals o Strategy formulation – broad program for defining and meeting an organization’s goals o SWOT analysis – identifying organizational Strengths and Weaknesses (internal), and identifying environmental Opportunities and Threats (external) o Levels of Strategy Corporate-level – identifies the various businesses that a company will be in • Concentration – focusing on one product (line) • Growth – market penetration (aggressive selling in market)
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